Most people know that a last will and testament is the centerpiece of any solid estate plan, but it’s not the only piece. There are many other steps you need to take to ensure your family is taken care of after your death. If you don’t, you could jeopardize your legacy and leave a big mess for those you leave behind. With that in mind, here’s what you can expect from estate planning services.

Objectives

You may not be able to convey your memories, but a well-thought-out arrangement can reflect your hopes and values. While your general goal is to take care of your family after you are gone, there are other, more specific goals that an estate planning law firm can help you achieve, including:

-Minimize confusion and delay during the settlement of your estate
-Helping your heirs avoid paying more than they owe in taxes on inherited assets
-Manage your legal and financial affairs in the event you become disabled or incapacitated
-Protect your assets against the rising costs of long-term health care
-Make sure your wishes are followed regarding medical decisions and care in the event you become unable to make those decisions for yourself.
-Provide for your loved ones according to your wishes after your death.
– Supervision of charitable donations.
-Work with the executor to manage the distribution of your assets

proper preparation

One of the most common mistakes people make is not making short-term fixes. Death seems like something that will happen in decades. As such, some people are unprepared when an unexpected accident results in disability or death. Of course, the expenses associated with either event could upset any long-term financial goals. This is why inheritance attorneys should always consider short-term and long-term options. You may be advised to purchase life and long-term care insurance. These policies will protect your assets in the unlikely event that you take a downsizing in the prime of your life.

Common Strategies

Another goal of estate planning is to help your heirs avoid unnecessary taxes. Although transferring wealth in the United States almost always involves a variety of charges and fees, there are ways to limit them. Trusts and annual gifts, for example, are common strategies an estate planning law firm can employ to avoid unnecessary expenses.

The process

Although they do not manage money, attorneys often work closely with their clients’ financial advisors. For obvious reasons, the attorney needs to know the size of the estate before he can recommend short- and long-term goals. These plans can and often do change based on input from financial experts. If, for example, the client lost a quarter of his assets in a stock market crash, the attorney would have to make the necessary adjustments in the short term.

An estate planning law firm can help you prepare for the inevitable with a strategy that secures your legacy.